The euro is now at its highest level in over a year, and this has to be more bad news for Mario Draghi.
The European Central Bank’s own calculation of the single currency’s effective exchange rate against a trade-weighted basket of 38 other currencies stood at 119.9056 on Thursday. That means that the real-world value of the euro has risen faster than the more commonly tracked exchange rate against the dollar.
Trade-weighted, the euro is at the highest level since Jan. 2, 2015, about three weeks before the ECB president officially announced his quantitative-easing program. Just measured against the greenback, the single currency is at its highest level in more than three months.